95/98
10 June 1998
APPOINTMENTS TO BUILDING SOCIETIES COMMISSION AND FRIENDLY SOCIETIES COMMISSION
The Treasury has appointed Carol Sergeant as a member of the Building Societies Commission and Martin Roberts as a member of the Friendly Societies Commission.
Ms Sergeant is Director of Banks and Building Societies at the Financial Services Authority (FSA) and Mr Roberts is Head of the Insurance Directorate at the Treasury.
Mr Roberts will take over as Chairman of the Friendly Societies Commission on 1 November 1998 in succession to Derek Lee who will be retiring.
Commenting on the appointments, Economic Secretary Helen Liddell said:
"I welcome both appointments. Carol Sergeant and Martin Roberts will have key responsibilities at the Financial Services Authority for the supervision of building societies and friendly societies. Their membership of the BSC and FSC during the interim period will assist a smooth transition of the Commissions' functions to the FSA.
"Their appointments reflect the Government's aim to bring about cohesion and practical working together by the existing financial services regulators ahead of the FSA assuming its full range of responsibilities, which will come after the passage of the bill due to be published in draft for consultation this summer."
NOTES TO EDITORS
1. Carol Sergeant joined the Bank of England in 1974 and worked in various divisions before taking up the position of Head of Major UK Banks Supervision in 1993. Responsibility for the supervision of banks transferred from the Bank to the FSA on 1 June 1998.
2. Martin Roberts joined the Ministry of Technology in 1970 and has held positions in a number of Government Departments before becoming Head of Insurance Directorate earlier this year. At the FSA, he will be Director, Insurance and Friendly Societies.
3. The Building Societies Commission was established under the Building Societies Act 1986. It has the statutory responsibility for promoting the protection by each building society of the investments of its members and depositors and for administering the system of regulation of building societies.
4. The Friendly Societies Commission was established under the Friendly Societies Act 1992 and has the statutory responsibility for promoting the protection by each friendly society of its funds and for administering the system of regulation of the activities of friendly societies.
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